Brief: Gsi Technology Announces Strategic Cost Reduction Initiatives

GSI Technology

30/11/2022 21:11

Nov 30 (Reuters) - GSI Technology Inc  GSIT.O :
    * GSI TECHNOLOGY ANNOUNCES STRATEGIC COST REDUCTION
INITIATIVES
    * GSI AIMS TO REDUCE ITS OPERATING EXPENSES BY APPROXIMATELY
$7.0
MILLION ON AN ANNUALIZED BASIS
    * COST REDUCTION INITIATIVE IS EXPECTED TO BE COMPLETED BY
MARCH
31, 2023, WILL RESULT IN ABOUT 15% DECREASE IN GSI'S GLOBAL
WORKFORCE
    * EXPECTS TO INCUR APPROXIMATELY $850,000 IN TERMINATION
COSTS,
INCLUDING PAYOUT OF ACCRUED VACATION
    * PLANNED SPENDING REDUCTIONS WILL NOT IMPACT LAUNCH OF
GEMINI-I
IN TARGET MARKETS, INCLUDING SAR, SEARCH, AND SAAS

Source text for Eikon:  ID:nGNX31mwBq 
Further company coverage:  GSIT.O 
 ((Reuters.Briefs@thomsonreuters.com))